INDEPENDENCE DAY FOR ALTSCOINS - IS BITCOIN NOW A PROBLEM?

Bitcoins dominance has sat at around a comfortable 41% for quite a while now.

With it brings stability. But at a very high cost to all the other alt coins.

It could easily be argued that bitcoin has no real world use today. It should be given the respect it deserves for kick starting the crypto movement. However its now becoming a thorn in the side of the next generation of altcoins on the market.

Bitcoins are now becoming a thorn in the side of development of the next stage of the internet. This was evident when thousands were recently dumped by the receiver of the bankrupt MTGOX. They decided to push huge amounts of recovered bitcoins onto the market, and everything crashed.

This sort of manipulation of the market is only possible because of bitcoins dominance. Had bitcoin been just any other altcoin.. it would have crashed and nothing else, with the exception of bitcoin hard folks.

However the amount of bitcoins on the market combined with the massive reserves by come whales and huge dominance mean that it will at present dominate the market.

In short..Bitcoin needs competition. Its not healthy for the market as a whole to have bitcoin contribution to so much of the market.

So which AltCoin will rise to take its place.

There are many pretenders to the crown. Ethereum is certainly the heir, and is second in terms of market cap. However a dominance to ethereum would just shift the problem sideways.

We need a number of thriving blockchains ... Cardano/Neo/steem to have their own eco systems whose value is independent of bitcoin. Only then will the whole crypto scene be truly mature. However the technology is new, and these complicated projects are taking time to bear fruit.

As of writing, Altcoins have bounced back a little from the 'Bitcoin dump'.. and maybe this could be their time.

Hopefully we will see a truly competitive and fair market soon.